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There are a number of individuals that have left an indelible mark on the mining industry. John Patrick (Pat) Sheridan is one of them. The long-time prospector, stock promoter and mine developer passed away on Saturday at Sunnybrook Hospital in Toronto.
“A hard living, stubborn, successful, gritty entrepreneur and promoter,” said Tommy Humphreys, editor of CEO.ca, a website that primarily covers the mining and energy industries.
Mr. Sheridan started off his career as a prospector in Northern Ontario and Quebec in the 1950s. Over the course of the next 40-plus years, he developed many copper, nickel and gold properties.
“Canada, Ontario, Quebec, Guyana, Africa, Spain – I mean you name it. There aren’t many parts of the world that have a mining industry where he wasn’t knocking rocks one way or another,” remembers fellow prospector, Glenn Mullan, CEO of Golden Valley Mines Ltd.
Mr. Sheridan is perhaps best known for his role in developing the Lac des Iles mine, a source of palladium, platinum and other metals, in the 1980s. In 1994, companies controlled by Mr. Sheridan sold their stake in the Northern Ontario property to North American Palladium Ltd. for an estimated $26.5-million. The transaction also provided Mr. Sheridan with a perpetual royalty payment that saw him make as much as $7-million a year. The mine remains in production to this day.
“He was smart. Very smart. He knew all aspects of mining. He understood exploration and production,” said Peter Brown, founder and honorary chairman of Canaccord Genuity Corp. “He had a very good instinct for a good exploration bed.”
Mr. Mullan recounts his first meeting with Mr. Sheridan in 1994.
“I stopped by his office one day, just knocked on the door, and gave him a pitch on my Monroe Township [copper-zinc] property. He said, ‘sure, let’s do it.’ This was all done in a handshake.”
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